Best Path to Hedge Funds ? (S&T or I-Banking)

Hello,

I am currently an intern at Morgan Stanley in their Institutional Equities Division , and my goal one day is to start a hedge fund or get into the hedge fund industry. What is the best career path towards hedge funds , S&T in any product area or I-Banking in M&A or specific coverage group?

 

From the equities side of S&T you want to get into a seat where you're taking risk, Because as a hedge fund manager that is how you make your living. This also allows you to compile a PnL. You will see that many of todays most successful hedge fund managers came from some type of proprietary or arbitrage desk. Very few times do you see an equity sales-trader going out and raising money for a HF. Most sell-side firms have a group that is either an outright proprietary desk, or the flow desks are given the ability to take on a small prop book based on their views of the market. Take my opinion with a grain of salt as I only have a summer of experience at a L/S equities fund and a BB S&T.

 

i mean you can definitely do it from IB. im doing re private eq, hopefully I can get in as well.

but to be honest, the best from undergrad is IB M&A (or some sort of product group, not industry)

or

S&T

or

equity research

or

join an asset management (specifically fall into their investment management, NOT private bank/ PWM) arm of a large BB and hopefully move your way in like I want to.

-- "Those who say don't know, and those who know don't say."
 

You can start a fund with any background, it is the style of fund that is dependent on your experience. It might be easier with an S&T background, assuming you are good, because you can show investors your PnL. Sell side guys won't have that ability, although I seriously doubt they'd try to raise a fund with no buy side experience.

 

Jeez... when I was 17, my delusional ass still wanted to be a doctor...I didn't even know what a hedge fund was.

Major: 1) Accounting, 2) Economics and 3) Finance...in that order. My biggest regret in college was majoring in finance rather than accounting.

School: Target. It certainly is possible to get a job/internship at a HF if you don't have an Ivy League degree (like me), but its considerably harder.

Requirements: Do LOTS of work outside of school. Read as many investment books/investor presentations as you can. Analyze stocks during nights/weekends. Network with as many HF managers as you can. Try to get an internship. For me, I sacrificed my social life to learn about investing. I went to a bar 3 times my junior and senior year and I was writing an investment thesis on my 21st birthday. Not saying you have to make the same sacrifices I did, in fact I don't recommend it, but my point is that breaking into this industry requires a lot more than "hard work" and "willingness to learn" especially at the undergrad level. HFs want you to begin performing at a high level your very first day.

What does a HF do: Loaded question. Simple answer is using an investment strategy to mitigate risk. When the market goes up...you go up...when the market goes down...you don't lose much money. We are a lot less regulated relative to mutual funds and we take a performance fee :). Hence why only qualified investors can invest in a HF.

How is working at a HF: Depends on the fund's strategy. I work at a L/S shop with a very concentrated portfolio so my workload isn't bad and there's no pressure on me to find new investment ideas every day. Best way to sum up work at my shop - fun, intellectual, relaxed most of the time, but very stressful during quarterly season. Its the polar opposite at a multi-strategy shop like Citadel, where the stress is constant and the bottom 10% of teams get cut each year.

Value investor working in the hedge fund industry. Portfolio Manager, Analyst at a $380+ million Texas-based value investing HF. Former Research Consultant, Analyst at a NYC-Based deep value and special situations HF.
 

If your goal is to eventually become a scam artist who screws a bunch of your investors out of money to pay off previous investors that you screwed out of money and be a psychotic asshole, yes, people will allow you to do that.

I'd take anything the guy says with a lick of salt and a shot of tequila. I have a good friend who's in the HC HF world and he said anyone real has known the guy's a con artist tool for years. And a piker at that.

 
Dingdong08:

I'd take anything the guy says with a lick of salt and a shot of tequila. I have a good friend who's in the HC HF world and he said anyone real has known the guy's a con artist tool for years. And a piker at that.

Thanks for the interesting insight.

So you think the SEC's allegations are legitimate, rather than something that was falsely concocted due to the pharma stuff?

 

well, yes if you know you can make good returns in the long run. but not everyone is a born genius to succeed without the proper training and necessary experience.

I love my bananas!
 
Gray Fox:

1. Become fly fishing guide in South America
2. Help hedge fund manager catch a lot of fish, convince him he is the best fly-fisherman since Brad Pitt in a River Run Through it. Maybe even tell him he has better hair than Brad Pitt.
3. Get job from said hedge fund manager
4. ????
5. Profit

4a. use connections to boot board members 6. say finance blows and go back to fishing

 

Get as much work experience as possible before you graduate, the reality of most jobs will be different to your external perception, you want to make the most informed decision possible when you eventually accept a graduate position.

Dont be too concerned with deciding early on what stream of finance you want to go into. As you get older, fit and culture of the firm/people you work for will become increasingly important.

A second degree is absolutely of benefit especially in technical fields. It will differentiate you by allowing you to specialize in an industry group if you so choose.

Its tough to make any money on a retail brokerage account when your portfolio is small, as fees will eat alot of your profits. What having the account will do is enable you to demonstrate an interest in the industry to prospective employers, get you thinking analytically and get you reading financial statements.

Relax, you will figure it out. A career isnt a sprint its a marathon (although the wannabe bankers might disagree with me).

 

It sounds like you're more interested in the valuation-driven game rather than macro stuff. Most funds that require you to look at a balance sheet will be looking for an IBD background. While I wouldn't close any doors at this point, you sould probably get on the IB track which shouldn't be too hard at Wharton. PWM next Summer, boutique IB the next, SA at a BB after junior year and FT glory the next. There's obviously room to do other things than that but that seems to be the template for your average value/event-driven analyst.

The way you can differentiate yourself from other analysts is actually having good trades to pitch, which the Good Bad and Ugly thread discusses in detail.

 

Quant PM here.

First off, enjoy your college time. Being able to communicate well, make friends easily, and have "good times" socially are all very important parts of succeeding professionally. That said, it's important to do well academically and plan for your future. (You are clearly a bit precocious, so the latter shouldn't be too hard for you.)

Don't worry about not having family connections. It's never been easier to network/been more acceptable to be a social whore; your generation is fortunate is this regard.

My $0.02: find mentors you like; focus on increasing your own competency and becoming a good team player. If you're likeable, hard-working and competent, it will work out for you in the long run.

 

Thanks for the comments guys, I gather that I should just plug along and make the most of the opportunities that come my way. That's kinda what I figured, but just wanted to see if there were any pieces to the puzzle that I am missing.

@GoodBread, so if I do realize that my interests lie in the Value/Special Situations area in the future, does that mean the possibility of working at an HF right out of undergrad goes down, as opposed to a macro/quant fund? Or is it more just about the connections I am able to make and the impression I leave on people during interviews and such.

On a side note about showing initiative, is it worth joining investment clubs in college to "show initiative", I've read mixed reviews about the worth of doing the clubs in order to gain an edge with future employers.

 

It's definitely possible to intern at value-oriented HFs your freshman or sophomore year. You might not be doing any mindblowing work, but if you have some balance sheet knowledge and the proper framework, you might get bits and pieces of good work. Get your foot in the door and once you start your internship, show your manager that you're competent enough to do more higher level work and that will gradually get you to where you want to be.

I've seen Wharton kids do HF/banking internships freshman and sophomore year. You guys definitely have a leg up on getting solid internships and have alumni everywhere. Just get your name out there and meet people.

 

You won't really be closing yourself off to other opportunities if you intern in IBD as a junior. That being said, when you're looking for a FT offer, being targeted when approaching buyside firms makes sense. It's fine not to know what you're interested in when you're starting college but people expect their analysts to have a deep appreciation for the strategy. The skills you build in IBD are very relevant to value funds, much less so to macro funds.

 

Thats good to know, it would be awesome to intern at a small HF right after freshman year, one to learn, and two to see if its something I want to pursue. Will Wharton have the resources to track down these small boutique firms, or do I have to really hunt them down myself?

 

Definitely use the resources at your disposal, but i went to similar level school and they were insufficient. When I did the cold email thing successfully (for a school year internship rather than frosh summer, but still), I just bit the bullet and was lazy and bought the biws networking guide for the comprehensive list of pe/banks/funds. Sent about 100 emails, got about 5 responses and an offer for something in short order.

 

Hardly any hedge funds have proper grad recruitment schemes, it's all about networking. I only have experience of London though, it happens very rarely here. I've noticed a lot more undergrads/grads in NYC with HF experience so it could be different.

It has to be said though that the training isn't as comprehensive if you go straight in after graduation.

 

It's not impossible, you just have to dig through your school's recruiting system throughout the year but you'll be lucky to find it. My advice is to out-prepare your entire class by showing interest in the hedge fund industry, and when time comes for the interview you can demonstrate how you are the best person for the position.

A few local hedge funds recruit at USC.

 

You know what you could do? You could be do your own research and find the answer yourself?

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee WSO is not your personal search function.
 

Don't listen to these troll....

I did it right out of college with an Engineering degree.

Anyways I'd follow Redrooms advice and be the #1 (by far) with respect to your class. Furthermore, having a combination of intellectual prowess, quantitative rigor, some sort of programming experience, charm and a large network (that will actually help you - not just the number of people you know on FB/Linkedin) will be essential.

It wont be easy but with a bit of luck you can do it!

 

Okay, well with an investment banking and private equity internship under my belt, will it be significantly easier? I interned at a small buyout fund last fall (after I wrote this post) and am about to begin a summer internship at small investment bank (70% of rev comes from sell-side assignments).

  1. Will that experience (modeling, writing, research), along with "investment banking" and "private equity" help? Why or why not?

  2. Also, regarding your emphasis on relationships (that will actually help me), I have built a lot of private equity and investment banking relationships (probably around 120 people across both fields) but only know 2 hedge fund people. What kind of relationships are you talking about? ER analyst (HF relationships? Some color on this would help...

"Respect others in their view, and demand that they respect yours. Love your life, perfect your life, beautify all things in your life."
 

If you want to work for a high-frequency trading shop, S&T is the right place to start, not IB. You don't see RenTec, SAC Capital, Citadel, etc. hiring investment bankers, because they are useless in trading shops.

If, however, you want to work a place where you do a ton of fundamental analysis for each trade, IB is the right place to start.

There are lots of funds using both styles successfully. Figure out what you like, and go that route.

 
Rickets:
If you want to work for a high-frequency trading shop, S&T is the right place to start, not IB. You don't see RenTec, SAC Capital, Citadel, etc. hiring investment bankers, because they are useless in trading shops.

If, however, you want to work a place where you do a ton of fundamental analysis for each trade, IB is the right place to start.

There are lots of funds using both styles successfully. Figure out what you like, and go that route.

thanks, that clears it up a ton

 
DanRalsh:

I'm interested in going into investment banking as an associate (post-MBA). After that, how do you get the hedge fund job?

You don't... The vast majority of the people who make the switch do it pre-MBA. Some might be able to get a HF job coming out of an MBA, but that's if you're doing it at H/S (maaybe W) and have pre-MBA experience at a top tier IB or AM firm (possibly ER, that's even more rare though). Non-financial back-ground -> non-Harvard/Stanford MBA -> IB associate -> Hedge Fund is so rare that you probably have a better chance if you start a fund yourself.

 
Qayin:
Non-financial back-ground -> non-Harvard/Stanford MBA -> IB associate -> Hedge Fund is so rare that you probably have a better chance if you start a fund yourself.
Lol. This isn't true at all but you will indeed have a hard time getting into a Tiger Cub as an IB Associate unless you have particular knowledge about an industry sector (from your pre-MBA days for instance).

Plenty of smaller funds might be interested however.

 

OP, this probably won't happen. That track, is very unlikely as it is so: analyst -> MBA -> associate -> HF.

The whole point of HFs scooping up analysts is because they've gained a shitload of technical knowledge being in an M&A/LevFin group or covering an industry. The move as an associate after being an analyst is hard because headhunters come for the analysts...

What did you do before your MBA? It's not unheard of technology guys (VC/corporate development roles) getting into places like SilverLake for example. I know in London this year (can't comment on the US) there's been many associates scooped up by Apollo, BX, Oaktree, etc. for the credit teams.

[quote]The HBS guys have MAD SWAGGER. They frequently wear their class jackets to boston bars, strutting and acting like they own the joint. They just ooze success, confidence, swagger, basically attributes of alpha males.[/quote]
 

This website is full of misinformation and people who have no idea what the fuck is going on. You want to know who is making it into hedge funds these days? H/S/Y/P school guys. Want to know who else is making it in and making the jump to trader? Software Engineers and Data Scientists. M & A is old school bullshit. It's all about tech. Go learn big data. Learn distributed computing. Learn Machine Learning and Map Reduce over massive data sets. Bridgewater Associates is literally dumping money into big data warehouses, with PHD economists standing by as big data engineer's build the systems that are doing macro level analysis on world economies. There now you know.

 
mike97345:

This website is full of misinformation and people who have no idea what the fuck is going on. You want to know who is making it into hedge funds these days? H/S/Y/P school guys. Want to know who else is making it in and making the jump to trader? Software Engineers and Data Scientists. M & A is old school bullshit. It's all about tech. Go learn big data. Learn distributed computing. Learn Machine Learning and Map Reduce over massive data sets. Bridgewater Associates is literally dumping money into big data warehouses, with PHD economists standing by as big data engineer's build the systems that are doing macro level analysis on world economies. There now you know.

You seem objective. It's funny because all the analysts getting recruited at L/S and distressed funds are all data scientists too without any accounting/modeling knowledge at all. Just because they're H/S/Y/P they get hired.

Also, you mention ONE fund only as your example, a fund who has neither performed well during the past 3 years nor is it notorious for hiring the best analysts (2-3 people make the investment decisions).

Do yourself a favour and be quiet...

[quote]The HBS guys have MAD SWAGGER. They frequently wear their class jackets to boston bars, strutting and acting like they own the joint. They just ooze success, confidence, swagger, basically attributes of alpha males.[/quote]
 

OP, aren't you the same guy that wanted a guaranteed MBB offer post-MBA? There's a lot of doors that open up at the top schools, but usually they will not all open for you simultaneously. You're going to have to pick a course and stick to it...

Also agree that MBA-->banking assoc--> HF is not a common path. Much better odds jumping to a smaller hedge fund or AM out of b-school and trying to ladder up to something more sizable after you get a few years in.

 

Macro/big data funds and traditional fundamental funds both have their place/edge. Without the fundamental investors anchoring a company's performance to its results, you would have a bunch of computers and statisticians determining the values of these companies without little care of its operations, management, investments, acquisitions, and performance.

 

Someone correct me if I am wrong, but except for a few special circumstances isn't it always better to do a couple years in IB and then go HF because of the formalized training and acquired skill sets that you get while in IB?

 

A hedge fund has to be enormous to bother hiring an undergrad as you would add little value and take up time teaching you things. As someone mentioned only Citadel/DE Shaw and maybe some other quant funds consistently hire undergrads and they are really just looking for quants. It just doesn't make sense to hire an undergrad to pick stocks as actual investing has very little to do with anything you learn in school.

 

If you want to work for a high-frequency trading shop, S&T is the right place to start, not IB. You don't see RenTec, SAC Capital, Citadel, etc. hiring investment bankers, because they are useless in trading shops.

If, however, you want to work a place where you do a ton of fundamental analysis for each trade, IB is the right place to start.

There are lots of funds using both styles successfully. Figure out what you like, and go that route.

 

Im going to tell you what you want to hear: Equities AM to HF is the BEST path.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 

I can't tell you the MOST common way into HFs, but there are plenty of banking analysts who go into hedge funds

IB-PE-HF while many go to bschool between PE and HF. To your question re IB-bschool-HF, it happens, but much harder than IB-PE-bschool b/c of competition from people in bschool who have PE/buyside experience

Key point about the paths above: people who start in banking are most successful (perhaps most interested) in fundamental long/short equity positions. Doesn't mean event driven, credit/distressed, global macro, or quant are not possible, but far less common - with global macro and quant as the least common in my experience

Thus, would start considering what investing strategy you want to target if you want to eventually work for a HF

 

It's crazy how much focus there is on L/S on this site. Personally find it to be the least interesting but hey, to each his own.

[quote]The HBS guys have MAD SWAGGER. They frequently wear their class jackets to boston bars, strutting and acting like they own the joint. They just ooze success, confidence, swagger, basically attributes of alpha males.[/quote]
 

If you're at a big software company, you'll get paid well but have very limited upside in the long run. At a startup, the potential (and risk) is higher.

Your background is strong, and you can apply to top quant funds. Few people come in with the trifecta of quant skills: finance, programming, and math/stat. It's standard to come in as a quant developer and be promoted into research/trading/PM. You have a strong background for this; finance skills are the easiest of the three to acquire.

 

Umm, first you need to worry about getting a job as a TA at a trading firm or BB before we can start talking about hedge funds. And before that, you need to get good grades.

For the next two years, your mantra needs to be, "I'm going to be the hardest working student out there and learn as much as I can about how the markets work. I'm going to be one of the best students in my probability and differential equations courses."

Keep repeating that mantra, and in two years, maybe you'll get a good internship at a trading firm. In seven or eight years, we can talk about you getting a "HF Career Path."

 

I just wonder how a freshly minted high school student can start thinking about these different career paths while pigeonholing himself or herself. Do you even know the differences among these career paths, let alone the different skill sets required? For all I know, you may not even be the right fit for finance as a whole. I strongly suggest going into colleg with an open mind, getting a broad education and doing well (yes, this is a universal requirement and the only thing you should be concerned with at this juncture.)

 

awp: I wanted a more fitted answer.

IlliniProgrammer: thank you that struck deep. I'm actually gonna write your post down on a sticky :P

rjroberts1: meh, eventually..

knasr: My program gives me a huge amount of flexibility and I am open to new ideas, but having a career focus or at least thinking of one gives me something to strive for. I can see where you are coming from though.

 

I mean its all relative. Both places are going to provide you a great experience and at the end of the day it is still up to you to see your experience...I have seen some kids who are very good at selling their experience and creating a mystic of you need me. They have landed at very good firms that would normally be out of the ballpark for them.

 

I saw a similar article from a few years back that was in Institutional Investor. It sounds like a pretty hardcore place. I am sad it's on the rocks, though, because it's hard to find a good mix of experience, investment style, and location. I guess I'll target Oaktree...

 

I think you are going to find the vast majority of people on this board are younger than you and less experienced (myself included). A top 5 MBA and a CFA Charter are going to be well respected just about anywhere, so don't feel "under-credentialed", the only thing an investment banking analyst is going to have over you is most likely better financial modeling skills.

In the mean time, if you are interested in the value side of things, check out valueinvestorsclub.com and sign up for guest access. The write ups are done by real buy-side professionals. You can get a look at how these people think and make investment decisions. Join the usual clubs, do the alumni networking etc. Find the reading lists that Klarman/Greenblatt/Loeb/Einhorn/etc have put out there, most of the titles overlap. If you have a natural affinity for these things, do well in your program, and can land some interviews, I don't see why you couldn't land at a hedge fund straight out of business school.

Best of luck, hopefully someone that has been on the buy-side much longer can offer a more informed opinion.

 

I honestly think if you join the clubs mentioned above, read all VI related books, and actually keep and maintain your own P&L with 5-10k you should be just fine. Learn everything about the funds you'll interview with and you should be okay.

-- "Those who say don't know, and those who know don't say."
 

Guys -- thanks for the advice. Regarding getting my own P&L going, where do you guys start? Do you have screens you set up for certain characteristics and research further into the most promising? Do you look for special situations (probably the most interesting and enticing style of investing for me, but also the most difficult to screen for)? Any tips?

 

That's a very good question. Usually, I set up screens and evaluate from there. However, if any one on this board can tell where to find special situations type securities easily, that would be great.

 

There are a few ways to find special situations. I will focus on spin-offs here because I think that a great place to start for an investor trying to allocate their PA.

There are a number of ways to do this:

  1. Get yourself on a bloomberg terminal. Those guys have codified a lot of the main types of events. For example if you search for "NI SPN" they will show you all scrolling news related to spinoffs.

  2. Search for companies filing Form 10-12B which is done to register securities resulting from spinoffs. Just click this link: http://www.sec.gov/cgi-bin/srch-edgar?text=form-type+%3D+10-12b+OR+form…

  3. Set up a Google News alert. I have a Gmail account where I let my Google Alerts accumulate. Once in a while (every few weeks) I go on and go through it to find anything I may have missed.

Setting up a research pipeline now will help you loads in the future. There are well known value investors who look at the 52-week low list to find opportunities. Others who use quantitative screens (check out the Empirical Finance Blog). Others use HF filings. Others follow macro events to find value (look at japanese securities post earthquake etc).

Get into a habit of reading: everything from annual reports to sell side reports to primers on investment strategy (quant/value...everything). Investors are professional readers who just happen to allocate money. There is a reason why Buffett wished for faster reading as the superpower he would love to have.

 

I'm sure you're aware that there are many paths, some traditional and direct, others not so much. However it also depends on what type of position you want at the hf. There are distinctly different paths to be a trader vs. an analyst at an hf.

For an analyst, traditionally you'd go through a 2 year analyst stint at an investment bank and learn the foundational skills necessary to do investment origination and research on the buyside. However if you know what you want and meet the right people it's possible to skip investment banking and go straight to an hf. The latter is much more difficult and will require you to learn on your own without any real formal training.

Since I'm only an analyst/intern still in school I'm not familiar with the process of becoming a trader at an hf. I know it requires you to build up a decent track record beforehand though.

 

The best people I know in the field get MA's or PHD's in finance, econ, physics/math/engineering, though the more straight away route is to go through banking.

“...all truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.” - Schopenhauer
 

Hold up guys, there's been an update on the best career path to get a HF job. Turns out you have to...

Seriously? Just look at people's career paths on Linkedin. Beyond IBD being a big feeder to valuation-based funds and S&T towards trading-oriented funds (macro, RV...), there is a ton of variability out there and there will never be a "best path."

Start by focusing on a strategy you're interested in, then figure out what kind of background people at those funds have.

 

If you're completely agnostic to the sorts of funds you're going after, top tier banking is probably the best bet across a variety of strategies. This is because a large percentage of managers come out of those sorts of banking programs and are, therefore, comfortable with the specific sorts of competencies that you acquire as a banker.

That said, plenty of funds demand a bit of a different skill set. I came in from am MBB background which complements my fund's research style. I would imagine that distressed funds want someone with a strong credit or legal background, that macro funds would be open to economists, that quant funds would prefer computer scientists, etc.

It's a somewhat difficult thing to characterize on the whole.

 

Can anybody shed some light on the possibility of transitioning from physical commodity trading to an energy/commodity based hedge fund?

[quote]The HBS guys have MAD SWAGGER. They frequently wear their class jackets to boston bars, strutting and acting like they own the joint. They just ooze success, confidence, swagger, basically attributes of alpha males.[/quote]
 
PaulOwen:
So what's the best career path to land you a job at a hf?

Yes yes I know .. Search function. But I would like to know what the most up to date path would be.

Thanks.

Its called an Ivy League education or MBA from top 10 Ivy school.

Easiest way in. In todays world most hedge funds only take analysts from those schools.

The sad truth.

The one who does not fall, does not stand up
 

This is like asking "What's the best path to becoming a pro athlete?" It depends on the sport you want to pursue, and in HF, the same is true. I echo previous posters' sentiments; find a strategy you're interested in and go from there. Skills needed for equity L/S differ greatly from skills needed to write algorithms for HFT, which differ greatly from skills needed for macro, so on and so forth.

Array
 

Have you heard of a quantitative developer? I'm not sure if your looking to be a technical guy at a HF, but quant developers can make up to 500k with a chance of trainsitioning to a trading role if your exceptional. Top 5 MBA is however, a much safer route.

 

Your background and experience will definitely put you in contention for top-10 level MBA programs and potential feeds into IB/ER. The tech background from both industry and school will be very helpful from an industry group / research coverage perspective and should help you get some looks. It'll also give you a good story to tell as to why IBD - very easy to spin. All in all, you look like you have a solid background and should be able to progress to your goal in the next few years going forward.

And change your account username. Very easy to track who you are. You are either a software engineer or a South Korean professional football player.

 

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Disclaimer for the Kids: Any forward-looking statements are solely for informational purposes and cannot be taken as investment advice. Consult your moms before deciding where to invest.
 

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Career Advancement Opportunities

March 2024 Hedge Fund

  • Point72 98.9%
  • D.E. Shaw 97.9%
  • Magnetar Capital 96.8%
  • Citadel Investment Group 95.8%
  • AQR Capital Management 94.7%

Overall Employee Satisfaction

March 2024 Hedge Fund

  • Magnetar Capital 98.9%
  • D.E. Shaw 97.8%
  • Blackstone Group 96.8%
  • Two Sigma Investments 95.7%
  • Citadel Investment Group 94.6%

Professional Growth Opportunities

March 2024 Hedge Fund

  • AQR Capital Management 99.0%
  • Point72 97.9%
  • D.E. Shaw 96.9%
  • Citadel Investment Group 95.8%
  • Magnetar Capital 94.8%

Total Avg Compensation

March 2024 Hedge Fund

  • Portfolio Manager (9) $1,648
  • Vice President (23) $474
  • Director/MD (12) $423
  • NA (6) $322
  • 3rd+ Year Associate (24) $287
  • Manager (4) $282
  • Engineer/Quant (71) $274
  • 2nd Year Associate (30) $251
  • 1st Year Associate (73) $190
  • Analysts (225) $179
  • Intern/Summer Associate (22) $131
  • Junior Trader (5) $102
  • Intern/Summer Analyst (249) $85
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

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